Microfinancing Platform Micro Connect Raises $458 Million from Investors

Micro Connect, a Hong Kong-based microfinance platform co-founded by former Hong Kong Exchange CEO Charles Li, announced on August 2 that it had raised US$458 million from new and existing investors.

According to the company, Micro Connect is now worth $1.7 billion after the capital raise. Micro Connect said in a statement that participants in the fundraising included private equity and venture funds, as well as university endowments, but did not name the institutions.

As per a company statement, the new funds will help the company improve the market structure of Micro Connect (Macao) Financial Asset Exchange (MCEX), a platform that allows global investors to collect daily revenue shares of micro and small businesses in China and is set to launch in August.